CORN COMMENTS
The national average corn basis slipped 3 1/4 cents to 5 1/4 cents below March futures. The national cash corn index price fell 7 cents from last Wednesday to $4.33. Generally bearish tones across the grain markets and weak oil prices are limiting corns upside this week.
National basis is firmer than the three-year average of 9 3/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 3/4 of a cent to 14 1/4 cents below January futures. The national cash soybean index price is down 34 cents from last week at $10.43 3/4. A poor performance in the futures market drove most of the decrease in cash prices this week, with basis remaining nearly unchanged.Strong crush demand looks to offer some level of support to the cash markets.
National basis is slightly weaker than the three-year average of 6 1/4 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 4 cents to 25 3/4 cents below March futures. The average cash price decreased 19 cents to $4.80 1/4, marking consecutive weeks of double digit price declines. SRW basis still remains firmer than the three-year average of 53 1/4 cents under futures. Cancellations of Chinese wheat purchases have caused uncertainties in their interest in U.S. wheat going forward, which at least partially drove the decline in cash values.
The national average hard red winter (HRW) wheat basis firmed 3/4 of a cent to 78 cents below March futures. The average cash price decreased 15 1/4 cents to $4.28 3/4. HRW basis continues to be weaker than the three-year average of 67 cents under futures. Continued talk of peace in the Black Sea region weighs on wheat markets.
CATTLE COMMENTS
Cash cattle trade averaged $228.19 last week, up $6.98 from the previous week. Negotiations are very light once again to start the week, as traders prepare for the cattle on feed report to be released from USDA this Friday. Minimal cash trade that has occurred saw prices averaging $228 and $229 early this week.
Choice boxed beef fell $3.27 over the past week to $356.09 and have declined for seven consecutive weeks now. Declines continue to be modest as they trend downward. Last year at this time, choice boxed beef prices stood at $315.63.
HOG COMMENTS
The average lean hog carcass price fell 59 cents over the past week to $71.10. Last year’s lean carcass price on this date was $80.04. Hog markets continue to firm as the Christmas holiday approaches, lending support to demand. The CME lean hog index is currently at $83.30 and continues to tick higher.
The pork cutout value gained $1.27 over the past week to $98.54. Last year at this time, the cutout price stood at $94.77.